BetterThanSPY

Relative Intelligence · Covered Call Income

How JPMorgan Equity Premium Income ETF (JEPI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on JEPI alone. It places JEPI (JPMorgan Equity Premium Income ETF) against 17 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where JEPI stands in the market, and of the alternatives worth a closer look.

Period covered: JEPI's full trading record, from May 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against JEPI →Chart JEPI vs. 17 alternatives →

This page answers the following questions about JEPI

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in JEPI have grown?

This chart tracks a hypothetical $10,000 investment in JEPI over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of JEPI over the same span and JEPI's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: JEPI began trading on May 21, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 6 years of JEPI's record, starting at the end of September 2020.

From the end of September 2020 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,843 of the 3,322 stocks and funds worth at least $500 million that traded the whole period ended ahead of JEPI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,0002020202120222023202420252026$5,000$10,000$15,000$20,000$25,0002020202220242026
  • SPY (S&P 500)$24,691+147% total · +16.3% a year
  • VYM$22,820+128% total · +14.7% a year
  • SCHD$21,774+118% total · +13.8% a year
  • DIVO$20,819+108% total · +13.0% a year
  • PBP$18,262+82.6% total · +10.6% a year
  • QYLD$17,922+79.2% total · +10.2% a year
  • XYLD$17,840+78.4% total · +10.1% a year
  • JEPI$17,622+76.2% total · +9.9% a year
  • USMV$16,835+68.3% total · +9.1% a year
  • RYLD$15,459+54.6% total · +7.5% a year
Change the dates or add tickers to this chart in EasyCompare

JEPI at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: JEPI began trading on May 21, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The fund

Issuer
J.P. Morgan
Began trading
May 2020
Expense ratio
0.35%per year
Assets
$46B
Category
Dividend & Income

Returns

Past 1 year
+8.3%total return
Past 3 years
+38.4%+11.4% a year
Past 5 years
+42.3%+7.3% a year
Best calendar year
+21.5%2021
Worst calendar year
−3.5%2022
Losing years
1 of 5full calendar years

Risk

Volatility
11.0%typical yearly swing, 5 years
Sharpe ratio
0.70return per unit of risk, 5 years
Worst decline ever
−13.7%Apr 2022 to Sep 2022
From its all-time high
At its highwithin 1%

JEPI against the whole market

Where JEPI ranks among every stock and fund, and what across the market has done better.

How does JEPI rank among all ETFs?

This section ranks JEPI on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how JEPI stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureJEPIRankStanding
1-year return+8.3%1,409 of 2,488bottom 44%
3-year return+38.4%1,365 of 1,950bottom 31%
5-year return+42.3%810 of 1,563bottom 49%
Volatility, 5 years11.0%402 of 1,563top 26%
Sharpe ratio, 5 years0.70537 of 1,563top 34%

What has beaten JEPI on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). JEPI sits where the dashed lines cross. Anything in the green box above and to the left earned more than JEPI with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to JEPI; faint dots are 3 more of the 14 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than JEPIBUFF: +8.8% a year, volatility 8.5%PMAR: +9.4% a year, volatility 8.2%SIXH: +10.3% a year, volatility 10.3%JEPI: +7.3% a year, volatility 11.0%SPY (S&P 500): +12.5% a year, volatility 17.2%DIVO: +10.9% a year, volatility 11.9%SPY: +12.5% a year, volatility 17.2%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%USMV: +7.7% a year, volatility 12.3%QYLD: +8.2% a year, volatility 15.0%VTV: +12.2% a year, volatility 13.7%VIG: +10.4% a year, volatility 14.1%RSP: +8.4% a year, volatility 16.1%PVAL: +15.9% a year, volatility 15.1%HDV: +13.3% a year, volatility 13.0%DGRW: +11.7% a year, volatility 14.0%POCT: +9.9% a year, volatility 8.0%FMAR: +10.5% a year, volatility 10.4%LVHI: +16.9% a year, volatility 11.1%FTLS: +10.1% a year, volatility 10.5%DOCT: +8.2% a year, volatility 7.4%BALT: +6.2% a year, volatility 3.3%CHT: +8.2% a year, volatility 13.3%FTS: +9.5% a year, volatility 16.5%JEPISPY (S&P 500)DIVOSPYVYMSCHDUSMVQYLDVTVVIGRSPPVALHDVDGRWPOCTFMARLVHIFTLSDOCTBALTCHTFTS0.0%5.0%10.0%15.0%20.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than JEPIBUFF: +8.8% a year, volatility 8.5%PMAR: +9.4% a year, volatility 8.2%SIXH: +10.3% a year, volatility 10.3%JEPI: +7.3% a year, volatility 11.0%SPY (S&P 500): +12.5% a year, volatility 17.2%DIVO: +10.9% a year, volatility 11.9%SPY: +12.5% a year, volatility 17.2%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%USMV: +7.7% a year, volatility 12.3%QYLD: +8.2% a year, volatility 15.0%VTV: +12.2% a year, volatility 13.7%VIG: +10.4% a year, volatility 14.1%RSP: +8.4% a year, volatility 16.1%PVAL: +15.9% a year, volatility 15.1%HDV: +13.3% a year, volatility 13.0%DGRW: +11.7% a year, volatility 14.0%POCT: +9.9% a year, volatility 8.0%FMAR: +10.5% a year, volatility 10.4%LVHI: +16.9% a year, volatility 11.1%FTLS: +10.1% a year, volatility 10.5%DOCT: +8.2% a year, volatility 7.4%BALT: +6.2% a year, volatility 3.3%CHT: +8.2% a year, volatility 13.3%FTS: +9.5% a year, volatility 16.5%JEPISPY (S&P 500)DIVOSPYVYMSCHDQYLDPVALHDVDGRWPOCTLVHIFTLSDOCTBALTCHTFTS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than JEPI?

Investments that beat JEPI over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat JEPI over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks JEPI's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than JEPI follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than JEPI's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× JEPI's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than JEPI's.

Screen the whole market against JEPI for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with JEPI?lower diversifies moreExpenseper year
JEPIJPMorgan Equity Premium Income ETF · this page
+7.3%11.0%0.70−13.7%+42.3%1.000.35%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.830.09%
Popular alternativesbest 6 shownThe investments people most often weigh against JEPI. 7 of 11 passed at least one test.
DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income
Higher return, similar volatilityHigher return in most periods+10.9%11.9%0.94−30.0%+67.8%0.930.56%
SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity
Higher return in most periods+12.5%17.2%0.78−33.7%+80.3%0.830.09%
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Higher return in most periods+11.6%13.8%0.87−35.2%+72.8%0.900.04%
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Higher return in most periods+10.2%14.4%0.75−33.4%+62.8%0.850.06%
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Higher return in most periods+7.7%12.3%0.66−33.1%+44.8%0.930.15%
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Covered Call Income
Higher return in most periods+8.2%15.0%0.60−24.7%+48.2%0.680.60%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Covered Call Income and Equity Income and the categories next to it (Nasdaq Options Income, US Large-Cap Equity, US Dividend Equity), plus JEPI's specific themes. 77 of 174 passed at least one test.
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Higher return in most periods+12.2%13.7%0.91−36.8%+78.0%0.920.03%
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Higher return in most periods+10.4%14.1%0.77−31.7%+63.9%0.950.04%
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Higher return in most periods+8.4%16.1%0.58−39.0%+49.6%0.900.20%
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return in most periods+15.9%15.1%1.06−41.3%+109%0.890.56%
HDViShares Core High Dividend ETF · High Dividend Yield
Higher return in most periods+13.3%13.0%1.03−37.0%+86.8%0.830.08%
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Higher return in most periods+11.7%14.0%0.87−32.0%+74.0%0.920.28%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 86 of 3,485 passed at least one test.
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
On the frontierHigher return, lower volatilityHigher return in most periods+9.9%8.0%1.22−18.8%+60.2%0.770.79%
FMARFT Vest U.S. Equity Buffer ETF - March · US Equity Buffer
On the frontierHigher return, lower volatilityHigher return in most periods+10.5%10.4%1.01−14.4%+64.6%0.800.85%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
On the frontierHigher return, similar volatilityHigher return in most periods+16.9%11.1%1.48−32.4%+119%0.730.40%
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Higher return, lower volatilityHigher return in most periods+10.1%10.5%0.97−20.6%+61.5%0.820.95%
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
On the frontierSimilar return, lower volatilityHigher return in most periods+8.2%7.4%1.10−9.9%+48.0%0.720.85%
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
On the frontierHigher Sharpe, smaller worst decline+6.2%3.3%1.84−4.9%+35.3%0.720.69%
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return in most periods+8.2%13.3%0.66−23.8%+48.3%0.36—
FTSFortis Inc. · Electric Utilities
Higher return in most periods+9.5%16.5%0.63−34.3%+57.1%0.61—
What these numbers mean for JEPI
Annual return
JEPI returned 7.3% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $14,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
JEPI's volatility over the past 5 years was 11.0%, 64% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JEPI's return lands within 11.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
JEPI's Sharpe ratio over the past 5 years was 0.70, against 0.78 for the S&P 500, so JEPI earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
JEPI's worst fall from a peak to a low over the past 10 years was 13.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 13.7% fall takes a 15.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, JEPI's monthly returns had a correlation of 0.83 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against JEPI instead: the lower it is, the more that option would diversify a JEPI holding. Guide: Correlation and diversification →
Show all 14 stocks and funds worth at least $500 million that earned more than JEPI with less volatility

Out of 3,641 tested over 5 years. The strongest 6 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with JEPIExpense
1
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%+60.2%0.770.79%
2
FMARFT Vest U.S. Equity Buffer ETF - March · US Equity Buffer
Whole market+10.5%10.4%1.01−14.4%+64.6%0.800.85%
3
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Whole market+10.1%10.5%0.97−20.6%+61.5%0.820.95%
4
BUFFInnovator Laddered Allocation Power Buffer ETF · Buffered Equity
Whole market+8.8%8.5%1.04−46.2%+52.3%0.830.10%
5
PMARInnovator U.S. Equity Power Buffer ETF - March · US Equity Buffer
Whole market+9.4%8.2%1.15−17.2%+57.0%0.800.79%
6
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity
Whole market+10.3%10.3%1.01−11.7%+63.2%0.770.31%

See everything that outperformed JEPI →

JEPI against its popular alternatives

The investments people most often weigh against JEPI, compared period by period and year by year.

How do JEPI's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at JEPI, which divides the map into what did better or worse on each measure.

Green points earned more than JEPI with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityJEPI: 7.3% a year, volatility 11.0%SPY (S&P 500): 12.5% a year, volatility 17.2%RYLD: 2.0% a year, volatility 14.0%SCHD: 10.2% a year, volatility 14.4%USMV: 7.7% a year, volatility 12.3%VYM: 11.6% a year, volatility 13.8%DIVO: 10.9% a year, volatility 11.9%QYLD: 8.2% a year, volatility 15.0%PBP: 7.8% a year, volatility 11.7%DFAE: 8.0% a year, volatility 18.9%XYLD: 7.4% a year, volatility 11.2%BND: −0.2% a year, volatility 6.1%JEPISPY (S&P 500)RYLDSCHDUSMVVYMDIVOQYLDPBPDFAEXYLDBND5.0%10.0%15.0%20.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityJEPI: 7.3% a year, volatility 11.0%SPY (S&P 500): 12.5% a year, volatility 17.2%RYLD: 2.0% a year, volatility 14.0%SCHD: 10.2% a year, volatility 14.4%USMV: 7.7% a year, volatility 12.3%VYM: 11.6% a year, volatility 13.8%DIVO: 10.9% a year, volatility 11.9%QYLD: 8.2% a year, volatility 15.0%PBP: 7.8% a year, volatility 11.7%DFAE: 8.0% a year, volatility 18.9%XYLD: 7.4% a year, volatility 11.2%BND: −0.2% a year, volatility 6.1%JEPISPY (S&P 500)RYLDSCHDVYMDIVOQYLDPBPDFAEBND
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
VYM Vanguard High Dividend Yield ETF+11.6%13.8%
DIVO Amplify CWP Enhanced Dividend Income ETF+10.9%11.9%
SCHD Schwab U.S. Dividend Equity ETF+10.2%14.4%
QYLD Global X - Nasdaq 100 Covered Call ETF+8.2%15.0%
DFAE Dimensional - Emerging Core Equity Market ETF+8.0%18.9%
PBP Invesco S&P 500 BuyWrite ETF+7.8%11.7%
USMV iShares MSCI USA Min Vol Factor ETF+7.7%12.3%
XYLD Global X - S&P 500 Covered Call ETF+7.4%11.2%
JEPI This pageJPMorgan Equity Premium Income ETF+7.3%11.0%
RYLD Global X - Russell 2000 Covered Call ETF+2.0%14.0%
BND Vanguard Total Bond Market ETF−0.2%6.1%
Open these 12 in EasyCompare

Has JEPI consistently beaten its popular alternatives?

This section compares JEPI with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than JEPI helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than JEPI over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
JEPI JPMorgan Equity Premium Income ETF (this page)—+1.6%+3.1%+4.1%+6.1%+8.3%+38.4%+42.3%11.0%0.70−13.7%0.35%$46B—
SCHD QualifiedSchwab U.S. Dividend Equity ETF5/5 short2/2 longAll-weather+5.8%+8.5%+16.0%+30.8%+35.7%+72.3%+62.8%14.4%0.75−33.4%0.06%$115B68%
USMV QualifiediShares MSCI USA Min Vol Factor ETF5/5 short2/2 longAll-weather+4.7%+7.9%+10.7%+11.7%+10.9%+52.3%+44.8%12.3%0.66−33.1%0.15%$24B72%
VYM QualifiedVanguard High Dividend Yield ETF4/5 short2/2 longAll-weather+2.5%+1.2%+6.3%+14.3%+18.5%+75.9%+72.8%13.8%0.87−35.2%0.04%$96B74%
DIVO QualifiedAmplify CWP Enhanced Dividend Income ETF4/5 short2/2 longAll-weather+1.8%+4.1%+7.2%+11.3%+14.5%+64.2%+67.8%11.9%0.94−30.0%0.56%$8.0B72%
QYLD QualifiedGlobal X - Nasdaq 100 Covered Call ETF4/5 short2/2 longAll-weather−1.7%+4.5%+7.8%+12.9%+18.4%+56.8%+48.2%15.0%0.60−24.7%0.60%$8.6B50%
SPY QualifiedState Street SPDR S&P 500 ETF3/5 short2/2 long−1.2%+2.5%+8.0%+12.7%+15.6%+88.4%+80.3%17.2%0.78−33.7%0.09%$823B72%
PBP QualifiedInvesco S&P 500 BuyWrite ETF3/5 short2/2 long−0.1%+3.1%+8.8%+10.7%+16.5%+51.5%+45.3%11.7%0.70−33.3%0.29%$393M71%
DFAE InternationalDimensional - Emerging Core Equity Market ETF2/5 short2/2 long−9.8%−3.7%−2.1%+10.9%+16.1%+78.9%+46.7%18.9%0.50−32.2%0.29%$9.6B61%
XYLD InternationalGlobal X - S&P 500 Covered Call ETF3/5 short1/2 long−0.1%+3.1%+8.7%+10.6%+15.9%+50.3%+43.0%11.2%0.70−33.4%0.60%$3.4B71%
DFAW InternationalDimensional - World Equity ETF3/5 short1/2 long−1.6%+0.8%+5.5%+12.8%+17.4%+81.3%———−16.9%0.24%$1.7B73%
GPIQ TechnologyGoldman Sachs Nasdaq-100 Premium Income ETF3/5 short1/2 long−4.5%−1.0%+6.0%+13.2%+15.7%+92.4%———−21.1%0.35%$6.4B49%
GPIX Dividend & IncomeGoldman Sachs S&P 500 Premium Income ETF3/5 short1/2 long−0.6%+2.1%+7.5%+12.1%+15.4%+80.4%———−17.5%0.35%$6.2B70%
JEPQ TechnologyJPMorgan Nasdaq Equity Premium Income ETF3/5 short1/2 long−3.6%+1.5%+5.6%+9.9%+13.7%+74.1%———−20.1%0.35%$43B48%
SPYI Dividend & IncomeNeos S&P 500(R) High Income ETF3/5 short1/2 long−0.6%+3.1%+7.8%+11.1%+14.6%+64.9%———−16.5%0.68%$12B71%
RYLD InternationalGlobal X - Russell 2000 Covered Call ETF3/5 short0/2 long−1.9%−2.2%+5.4%+8.9%+12.3%+36.3%+10.6%14.0%0.21−41.5%0.60%$1.3B68%
QQQI TechnologyNEOS Nasdaq-100 High Income ETF3/5 short0/2 long−4.7%+0.3%+5.3%+10.0%+12.0%————−20.0%0.68%$15B48%
BND BondsVanguard Total Bond Market ETF0/5 short0/2 long+0.3%−0.7%−1.7%−1.0%−1.4%+16.3%−1.0%6.1%0.00−18.6%0.03%$389B—
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How did JEPI do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where JEPI ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with JEPI and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: JEPI began trading on May 21, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of JEPI; gray means the two finished within a fraction of a point. The rank row places JEPI among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of JEPI20252024202320222021
JEPI This pageJPMorgan Equity Premium Income ETF—+8.1%+12.6%+9.8%−3.5%+21.5%
Rank among alternativesTop quarter in 0 of 512 of 1712 of 168 of 134 of 115 of 11
SPY S&P 500State Street SPDR S&P 500 ETF4 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
SCHD Schwab U.S. Dividend Equity ETF1 of 5+4.3%+11.7%+4.5%−3.3%+29.8%
USMV iShares MSCI USA Min Vol Factor ETF1 of 5+7.6%+15.7%+10.3%−9.4%+20.8%
VYM Vanguard High Dividend Yield ETF4 of 5+15.4%+17.6%+6.6%−0.4%+26.2%
DIVO Amplify CWP Enhanced Dividend Income ETF4 of 5+17.4%+16.2%+7.0%−1.5%+22.9%
QYLD Global X - Nasdaq 100 Covered Call ETF3 of 5+9.3%+19.3%+22.7%−19.0%+10.4%
PBP Invesco S&P 500 BuyWrite ETF2 of 5+8.5%+19.9%+11.6%−11.8%+20.0%
DFAE Dimensional - Emerging Core Equity Market ETF2 of 5+31.4%+7.6%+12.6%−17.5%+3.5%
XYLD Global X - S&P 500 Covered Call ETF2 of 5+8.0%+19.5%+11.1%−12.0%+19.6%
DFAW Dimensional - World Equity ETF2 of 2+20.2%+15.5%———
GPIQ Goldman Sachs Nasdaq-100 Premium Income ETF2 of 2+19.8%+23.2%———
GPIX Goldman Sachs S&P 500 Premium Income ETF2 of 2+16.2%+21.8%———
JEPQ JPMorgan Nasdaq Equity Premium Income ETF3 of 3+15.2%+24.9%+36.3%——
SPYI Neos S&P 500(R) High Income ETF3 of 3+16.7%+19.0%+18.1%——
RYLD Global X - Russell 2000 Covered Call ETF1 of 5+5.7%+10.2%+0.3%−13.0%+22.2%
QQQI NEOS Nasdaq-100 High Income ETF1 of 1+18.6%————
BND Vanguard Total Bond Market ETF0 of 5+7.1%+1.4%+5.7%−13.1%−1.9%
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Risk and diversification

How JEPI has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were JEPI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents JEPI's five deepest drawdowns since it began trading in 2020, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: JEPI began trading on May 21, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means JEPI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringJEPI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−13.7%−19.0%Apr 2022Sep 20225 monthsJun 20239 months
No named crash−13.3%−18.8%Feb 2025Apr 20252 monthsAug 20254 months
2022 bear market−7.1%−11.2%Dec 2021Feb 20222 monthsApr 20222 months
No named crash−6.7%−8.5%Sep 2023Oct 20231 monthDec 20232 months
No named crash−6.7%−7.3%Feb 2026Mar 20261 monthAug 20265 months

How did JEPI do in stock market crashes?

This section measures how far JEPI, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: JEPI began trading on May 21, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than JEPI.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
JEPI This pageJPMorgan Equity Premium Income ETF—−2.6%−13.7%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SCHD Schwab U.S. Dividend Equity ETF0 of 2−4.5%−16.9%−32.8%−17.1%−6.5%−10.5%————
USMV iShares MSCI USA Min Vol Factor ETF0 of 2−2.2%−17.0%−33.0%−12.7%−6.2%−9.5%————
VYM Vanguard High Dividend Yield ETF0 of 2−3.9%−15.8%−34.6%−16.1%−6.3%−10.9%−14.3%−1.1%−57.0%—
DIVO Amplify CWP Enhanced Dividend Income ETF0 of 2−2.6%−13.7%−29.7%−15.1%−5.4%—————
QYLD Global X - Nasdaq 100 Covered Call ETF0 of 2−2.2%−23.8%−24.7%−19.0%−6.1%−11.2%————
PBP Invesco S&P 500 BuyWrite ETF0 of 2−2.9%−18.6%−33.3%−16.1%−6.1%−9.5%−14.2%−1.9%——
DFAE Dimensional - Emerging Core Equity Market ETF0 of 2−2.7%−28.0%————————
XYLD Global X - S&P 500 Covered Call ETF0 of 2−2.8%−18.7%−33.4%−18.0%−6.6%−11.1%————
JEPQ JPMorgan Nasdaq Equity Premium Income ETF0 of 1−2.6%—————————
SPYI Neos S&P 500(R) High Income ETF0 of 1−2.6%—————————
RYLD Global X - Russell 2000 Covered Call ETF0 of 2−6.9%−19.1%−41.5%———————
BND Vanguard Total Bond Market ETF1 of 20.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
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How closely does JEPI move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares JEPI with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than JEPI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
JEPI This pageJPMorgan Equity Premium Income ETF57%57%0.990.53
PBP Invesco S&P 500 BuyWrite ETF54%48%1.130.49
XYLD Global X - S&P 500 Covered Call ETF54%49%1.100.49
DIVO Amplify CWP Enhanced Dividend Income ETF76%69%1.090.65
QYLD Global X - Nasdaq 100 Covered Call ETF63%59%1.070.61
VYM Vanguard High Dividend Yield ETF81%79%1.030.73
DFAE Dimensional - Emerging Core Equity Market ETF74%74%1.000.73
SCHD Schwab U.S. Dividend Equity ETF78%85%0.920.68
USMV iShares MSCI USA Min Vol Factor ETF65%74%0.890.64
RYLD Global X - Russell 2000 Covered Call ETF47%69%0.680.55
BND Vanguard Total Bond Market ETF19%39%0.480.26
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What diversifies JEPI?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with JEPI's. Because such investments tend not to fall at the same time, pairing JEPI with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which JEPI lost money. The last two columns show a portfolio that is 80% JEPI and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
JEPI JPMorgan Equity Premium Income ETF (this page)1.00+42.3%0.70−3.5%10.0%+7.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.49+225%1.34+6.0%9.5%+11.5%
SMH TechnologyVanEck Semiconductor ETF0.46+304%0.94−33.5%12.8%+14.0%
XLE EnergyState Street Energy Select Sector SPDR ETF0.46+178%0.94+64.4%11.3%+11.1%
GLD CommoditiesSPDR Gold Shares0.27+120%0.93−0.8%9.5%+10.1%
EWT TechnologyiShares MSCI Taiwan ETF0.43+147%0.87−28.9%11.2%+10.9%
DBA AlternativesInvesco DB Agriculture Fund0.24+66.7%0.81+2.5%8.8%+8.5%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.21+57.5%0.80+21.6%7.8%+8.5%
USO CommoditiesUnited States Oil Fund, LP0.02+180%0.74+29.0%11.1%+11.7%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
JEPI JPMorgan Equity Premium Income ETF (this page)1.00+42.3%0.70−3.5%10.0%+7.8%
CAH Medical - DistributionCardinal Health, Inc.0.44+471%1.54+54.1%11.3%+13.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+2,780%1.43+1.3%16.1%+26.1%
MCK Medical - DistributionMcKesson Corporation0.42+397%1.41+51.8%11.1%+13.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.49+1,452%1.41+17.0%14.6%+22.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.32+660%1.39+86.6%11.8%+15.8%
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Common questions

What was JEPI's worst drawdown?

JEPI's deepest decline since it began trading in 2020 was 13.7%, from April to September 2022. It took nine months from the low to climb back to its old high. Because JEPI launched in May 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were JEPI's best and worst years?

Over five full calendar years, JEPI's best year was 2021, when it returned 21.5%. Its worst was 2022, with a return of -3.5%.

Is there a better investment than JEPI?

Among JEPI's popular alternatives, DIVO earned more than JEPI over the past 5 years with similar volatility: 10.9% a year at 11.9% volatility, against 7.3% a year at 11.0%. Looking beyond its popular alternatives, VTV (US large-cap value) and VIG (dividend growth) were ahead of JEPI in most short and long periods.

Is JEPI more volatile than the S&P 500?

No. JEPI's volatility over the past 5 years was 11.0%, 64% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JEPI's return lands within 11.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is JEPI's Sharpe ratio?

JEPI's Sharpe ratio over the past 5 years was 0.70, against 0.78 for the S&P 500, so JEPI earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is JEPI with the S&P 500?

Over the past 5 years, JEPI's monthly returns had a correlation of 0.83 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against JEPI instead: the lower it is, the more that option would diversify a JEPI holding.

What are the best alternatives to JEPI?

Of the 17 popular alternatives we compared, seven outperformed JEPI in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: SCHD, USMV and VYM.

Did JEPI outperform the S&P 500?

JEPI finished ahead of the S&P 500 (SPY) in one of five full calendar years. In 2025, it returned +8.1%, against +17.7% for the index.

How did JEPI do in stock market crashes?

JEPI fell less than the S&P 500 (SPY) in two of the two major crashes it has traded through, and further in no. The clearest case was the 2022 bear market, when JEPI fell 13.7% and the S&P 500 fell 24.5%.

What diversifies JEPI?

These had a low correlation with JEPI over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.49), SMH (correlation 0.46) and XLE (correlation 0.46); among large stocks, CAH (correlation 0.44), CLS (correlation 0.32) and MCK (correlation 0.42). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to JEPI

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